What is a Zestimate? – Ohhh Lawrd….here we go again.
I am extremely quick to voice my total and udder disdain towards Zillow Zestimate’s, and for good reason. As a tech savvy agent, why do I dispise them so much, and can I back up my ill feelings with any data?
The local agent begins building the value of your property by getting local market info, not info from a across the board, national site.
This is a great example I like to use:
My twin brother lives in Cheyenne, WY where the temperature is 24°.
I live in Gainesville, FL and the temp here is 72°
Therefore the country as a whole has an average temperature of 45°.
Absolutely NOT! But you get the picture, hopefully. LOL
Their info is inaccurate, which they admit, but what goes into their formula?
Where do they get their accuracy info and how do they calculate a zestimate?
What info do you have access to as a local agent that even a giant like Zillow does not?
The Zestimate® home valuation is Zillow’s estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home’s value. The Zestimate is calculated from public and user submitted data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. I encourage buyers, sellers, and homeowners to supplement Zillow’s information by doing other research such as:
* Getting a comparative market analysis (CMA) from a LOCAL Realtor®
* Getting an appraisal from a professional LOCAL appraiser
* Visiting the house (whenever possible)
Zillow also produces a Zestimate forecast, which is Zillow’s prediction of a home’s Zestimate one year from now, based on current home and market information.
Really? How can they really do that? What if we have a devastating weather event, like Katrina, Sandy, Andrew, Charlie, Jean, Francis…or maybe you remember the wildfires of ’98 in our area. How can Zillow predict weather events…are they in with NOAA and the Weather Channel ? I don’t think so.
So please, when you’re searching for homes, or thinking of selling your home, utilize the best website for your initial research www.realtor.com. It’s the most up to date and honest site. Plus, they offer an app for all your handhelds.